The whole point of this site is to have a calculator to help you determine your house payments.
Our House Payment Calculator and other tools can help
House Payment Calculator
For now, it’s a pretty simple beast. Enhancements are sure to come in the near future, but for now, it is very effective at calculating your payments.
Step 1: Loan Amount
This is the total amount of money you will borrow from the bank to pay for your home.
Note: This is not the purchase price of the home. You will need to subtract your down payment from the purchase price to get the real loan amount.
For Example: You purchase a home for $100,000. You put a down payment of $10,000. This means your loan amount will be $90,000. ($100,000 – $10,000 = $90,000)
Step 2: Interest Rate
This is where you enter the interest rate you expect to be paying.
You can find current rates here
Step 3: Loan Term
This is the number of years over which you want to repay the loan. You can enter any amount here, but popular terms are 5, 15 and 30 years in the US and 10, 25 and 30 in Canada.
Keep in mind, the shorter the term, the higher the monthly cost, but this will save you a lot of money in interest payments. It’s often wise to take the shortest term you can afford.
Step 4: Payment Schedule
Here, you have three options.
Monthly: This means you will make 12 mortgage payment per year. This is the standard.
Biweekly: You will make a mortgage payment every 2 weeks, or 26 times per year.
Do not mistake this for two payments per month. This results in you making a small extra payment every year and it can shave a few years off your mortgage.
Many people like this option because you can sync it to your bi-weekly pay check.
Weekly: You make one payment per week, or 52 per year.
This is useful for people who get paid weekly. Otherwise, just choose bi-weekly or monthly.
Which is best? I personally like the bi-weekly or weekly options. Not only do you pay your mortgage in sync with your pay check, but you save money in the long run.
step 5: Click “Calculate”!
Once you click the button, the house payment calculator will show you your monthly payment, the amount of interest you will pay over the term of your mortgage as well as a full amortization showing how much you will have left owing after each payment.